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Form 24Q

What Is Form 24Q?

Form 24Q is a quarterly TDS return filed by an employer in India to report Tax Deducted at Source (TDS) from salaries paid to employees. It is submitted to the Income Tax Department and have detailed information on the salary paid, tax deducted, and deposited with the government under Section 192 of the Income Tax Act.

To make sure their employees get the right tax credit, every employer who takes TDS out of pay cheques must fill out Form 24Q correctly and on time.

What Does Form 24Q Contain?

Form 24Q is structured into two key annexures:

1. Annexure I
   

   This part is filed every quarter and includes:

   • PAN and TAN of the employer
   • Name and address of the deductor
   • Challan details (amount of TDS deposited, BSR code, date of deposit)
   • Summary of TDS deductions for the quarter
   • PAN details of employees from whom tax was deducted
2. Annexure II
   

   This is filed only in Q4 (January–March) and contains:

   • Detailed salary breakup for the entire financial year
   • Exemptions under Section 10 (like HRA, LTA, etc.)
   • Deductions under Chapter VI-A (like 80C, 80D)
   • Total tax liability and TDS deducted for each employee
   • Net taxable income after deductions

Annexure II ensures that complete annual salary and tax details are reported, forming the basis for issuing Form 16.

Who Needs to File Form 24Q?

Any employer — whether private, public, or government — who:

• Pays salary to employees
• Deducts TDS under Section 192
• Holds a valid TAN (Tax Deduction and Collection Account Number)

Companies, partnerships, proprietors, trusts, and government departments need this form for salary payments and tax deductions.

Due Dates for Filing Form 24Q

Form 24Q must be filed quarterly, and the due dates are

• Q1 (Apr–Jun): 31st July
• Q2 (Jul–Sep): 31st October
• Q3 (Oct–Dec): 31st January
• Q4 (Jan–Mar): 31st May

It’s essential to meet these deadlines to avoid late filing fees and interest under Section 234E.

How to File Form 24Q

1. Prepare the return using the Return Preparation Utility (RPU) from NSDL
2. Validate the file with File Validation Utility (FVU)
3. Submit the file online through the TIN-NSDL portal or via authorised TIN-Facilitation Centres
4. Once accepted, you will receive a Provisional Receipt Number as confirmation

After successful processing, the employer can issue Form 16 to employees based on the details filed.

Why Is Form 24Q Important?

• Ensures accurate reporting of TDS on salaries
• Facilitates timely and correct tax credit to employees
• Helps generate and validate Form 16
• Avoids penalties, interest, and legal non-compliance
• Acts as a record of employer’s tax compliance efforts

For employees, a correctly filed Form 24Q ensures that their Form 26AS is updated and matches with their salary and TDS data — simplifying the process of income tax return filing.